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News Release

Gibraltar Reports Fourth-Quarter and Full-Year 2017 Financial Results
  • Exceeds top and bottom line guidance for quarter and full year
    • 4Q revenues of $258 million, GAAP EPS of $0.78 and adjusted EPS of $0.41
    • Full-year revenues of $987 million, GAAP EPS of $1.95 and adjusted EPS of $1.71
    • 4Q GAAP income tax benefit from U.S. tax reform of $12.5 million, or $0.39 per share
  • ROIC rises to 12.6% from 11.7% PY

BUFFALO, N.Y.--(BUSINESS WIRE)--Feb. 22, 2018-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets, today reported its financial results for the three- and twelve-month periods ended December 31, 2017. All financial metrics in this release reflect only the Company’s continuing operations unless otherwise noted.

Fourth-quarter Consolidated Results

Gibraltar reported the following consolidated results:

     
Three Months Ended December 31,
Dollars in millions, except EPS       GAAP       Adjusted
2017       2016       % Change 2017       2016       % Change
Net Sales $258.1 $231.8 11% $258.1 $231.8 11%
Net Income $25.2 $(7.7) nmf* $13.2 $9.5 39%
Diluted EPS $0.78 $(0.24) nmf* $0.41 $0.30 37%
*not meaningful
 

The Company reported fourth-quarter 2017 net sales of $258.1 million, exceeding the Company’s expectations of $231 million to $236 million as noted in its third-quarter earnings release. The 11 percent year-over-year increase was driven primarily by sales in the Residential and Renewable Energy & Conservation segments, which offset the impact of the exit of the U.S. bar grating product line and its European residential solar racking business at the end of 2016, which provided fourth-quarter 2016 sales of $16 million.

GAAP and adjusted earnings exceeded Company guidance due to the strong performance of the Residential Products and Renewable Energy & Conservation businesses along with lower corporate costs related to compensation plans. GAAP earnings further benefitted from the Tax Cuts and Jobs Act (“the Tax Reform Act”) transition adjustment, which resulted in an income tax benefit of $12.5 million, or $0.39 per diluted share. The adjusted amounts for the fourth quarter 2017 and 2016 remove special items, from both periods, as described in the appended reconciliation of adjusted financial measures.

For the twelve months ended December 31, 2017, the Company reported revenues of $986.9 million, 2.1 percent lower than the prior year due to portfolio changes and softness in the Industrial and Infrastructure segment. Adjusted for the Company’s exit of its U.S. bar grating product line and European residential solar racking business at the end of 2016, revenues increased 4 percent on a year-over-year basis. GAAP net income of $63.0 million, or $1.95 per diluted share, increased 86 percent compared with $33.7 million, or $1.05 per diluted share, in the prior-year period, and includes the benefit to income taxes due to the Tax Reform Act. The twelve-month adjusted net income increased to $55.3 million, or $1.71 per diluted share, up 3 percent and 2 percent, respectively, compared with the prior-year period.

Management Comments

“We ended a strong year with fourth-quarter results that exceeded our top and bottom line guidance,” said President and CEO Frank Heard. “Our revenues benefited from strong domestic sales in our Renewables and Conservation and Residential Products businesses, and from our new innovative products gaining traction. On the bottom line, lower corporate expenses, 130 basis points of margin improvement from 80/20 simplification projects and the benefit from the Tax Reform Act resulted in GAAP EPS of $0.78 compared with $(0.24) in the prior-year period. Our fourth-quarter adjusted EPS increased 37 percent on a year-over-year basis.”

“Three years into our five-year transformation strategy, we have made tremendous progress both operationally and financially,” added Heard. “During that time, we have improved our annual GAAP EPS from $(2.63) in 2014 to $1.95 in 2017, our GAAP operating margins from (8.2)% to 9.4%, and our return on invested capital from 3.9 percent to 12.6 percent. Through operational excellence, portfolio management, innovation and acquisitions, we now have a platform for sustainable growth built upon a portfolio and target markets that have significantly greater ongoing upside potential.”

Fourth-quarter Segment Results

Residential Products

For the fourth quarter, the Residential Products segment reported:

     
Three Months Ended December 31,
Dollars in millions       GAAP       Adjusted
2017       2016       % Change 2017       2016       % Change
Net Sales $105.3 $92.9 13% $105.3 $92.9 13%
Operating Margin 14.2% 13.9% 30 bps 14.3% 14.9% (60) bps
 

The 13 percent increase in fourth-quarter 2017 net sales in Gibraltar’s Residential Products segment reflects strong demand for building products in the repair and remodel and new housing construction markets, growing demand for the Company’s centralized mail systems and electronic package solutions, and the contribution of the Package Concierge acquisition.

Strong sales for building products as well as a decrease in 80/20 initiative-related charges year over year contributed to the segment’s GAAP operating margin improvement. Adjusted operating margin declined due to product mix. The adjusted operating margin for the fourth quarter of 2017 and 2016 removes the special charges for restructuring initiatives under the 80/20 program from both periods.

Industrial & Infrastructure Products

For the fourth quarter, the Industrial & Infrastructure Products segment reported:

     
Three Months Ended December 31,
Dollars in millions       GAAP       Adjusted
2017       2016       % Change 2017       2016       % Change
Net Sales $49.1 $61.6 (20)% $49.1 $61.6 (20)%
Operating Margin 4.6% (16.4)% nmf* 4.3% 3.1% 120 bps
*not meaningful
 

Fourth-quarter 2017 revenues in Gibraltar’s Industrial & Infrastructure Products segment were down due to the impact of the 2016 divestiture of the U.S. bar grating business. Excluding this divestiture, revenues in this segment were up 4 percent on a year-over-year basis as a result of organic growth. Backlog for the infrastructure business increased from the prior-year quarter and the Company expects new products in the industrial business to continue to gain traction during 2018.

GAAP and adjusted operating margins for the segment reflect operational efficiencies resulting from the Company’s 80/20 initiatives. This segment’s adjusted operating margin for the fourth quarter of 2017 and 2016 removes the special charges for portfolio management activities and restructuring initiatives under the 80/20 program.

Renewable Energy & Conservation

For the fourth quarter, the Renewable Energy & Conservation segment reported:

     
Three Months Ended December 31,
Dollars in millions       GAAP       Adjusted
2017       2016       % Change 2017       2016       % Change
Net Sales $103.7 $77.4 34% $103.7 $77.4 34%
Operating Margin 11.4% 10.7% 70 bps 12.0% 17.8% (580) bps
 

Renewable Energy & Conservation segment revenues were up 34 percent year over year due to strong demand in Gibraltar’s domestic markets, which more than offset the impact from the 2016 European solar market exit.

The fourth-quarter 2017 GAAP and adjusted operating margin reflects a less favorable alignment of material costs to customer selling prices, partially offset by operational improvements resulting from the Company’s 80/20 initiatives. This segment’s adjusted operating margin for the fourth quarter of 2017 and 2016 removes the special charges for restructuring initiatives, acquisitions and portfolio management activities in line with the Company’s strategic objectives.

Tax Reform

On December 22, 2017, the United States enacted the Tax Reform Act, which significantly changed U.S. tax laws by lowering the federal corporate income tax rate from 35% to 21%, imposing a one-time transition tax on deemed repatriated foreign earnings, moving to a territorial tax system, broadening the tax base and other changes. As a result of the Tax Reform Act, Gibraltar’s GAAP net income reflects a net benefit of $12.5 million, or $0.39 per share, in the fourth quarter of 2017. The net benefit is the result of a $16.2 million benefit primarily from the re-measurement of the Company’s net U.S. deferred tax liabilities at the lower corporate tax rate, partially offset by an expense of $3.7 million related to foreign earnings.

Business Outlook

“We enter 2018 with continued optimism about the year ahead. We plan to drive sustainable organic growth through the acceleration of new product development initiatives, continue to implement operational improvement projects, and to seek value-added acquisitions in attractive end markets. At the end of the year, on an adjusted basis, we expect once again to have generated increased profits at a higher rate of return with a more efficient use of capital,” said Heard.

Gibraltar is providing its guidance for revenues and earnings for the full year 2018. Gibraltar expects 2018 consolidated revenues to exceed $1 billion, considering modest growth across the Company’s end markets and continued traction from innovative products. GAAP EPS for the full year 2018 are expected to be between $1.75 and $1.87, or $1.96 to $2.08 on an adjusted basis, as compared to $1.95 and $1.71, respectively, in 2017.

For the first quarter of 2018, the Company is expecting revenue in the range of $213 million to $220 million as a result of growth across all end markets and continued traction from innovative products. GAAP EPS for the first quarter 2018 are expected to be between $0.20 and $0.25, or $0.23 to $0.28 on an adjusted basis.

                 

FY 2018 Guidance

Gibraltar Industries
Dollars in millions, except EPS Operating Income       Net Diluted

Earnings

Income       Margin Taxes Income Per Share
GAAP Measures $ 93-99   9.2-9.6 %   $ 22-23   $ 56-60   $ 1.75-1.87
Restructuring Costs 10 1% 3 7 0.21
                     
Adjusted Measures $ 103-109     10.2-10.6%   $ 25-26     $ 63-67   $ 1.96-2.08
 

Fourth-quarter Conference Call Details

Gibraltar has scheduled a conference call today starting at 9:00 a.m. ET to review its results for the fourth quarter of 2017. Interested parties may access the call by dialing (877) 407-5790 or (201) 689-8328. The presentation slides that will be discussed in the conference call are expected to be available this morning, prior to the start of the call. The slides may be downloaded from the Gibraltar website: www.gibraltar1.com. A webcast replay of the conference call and a copy of the transcript will be available on the website following the call.

About Gibraltar

Gibraltar Industries is a leading manufacturer and distributor of building products for the residential, industrial, infrastructure, and renewable energy and conservation markets. With a four-pillar strategy focused on operational improvement, product innovation, portfolio management and acquisitions, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers primarily throughout North America and to a lesser extent Asia. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.

Safe Harbor Statement

Information contained in this news release, other than historical information, contains forward-looking statements and is subject to a number of risk factors, uncertainties, and assumptions. Risk factors that could affect these statements include, but are not limited to, the following: the availability of raw materials and the effects of changing raw material prices on the Company’s results of operations; energy prices and usage; changing demand for the Company’s products and services; changes in the liquidity of the capital and credit markets; risks associated with the integration and performance of acquisitions; and changes in interest and tax rates. In addition, such forward-looking statements could also be affected by general industry and market conditions, as well as macroeconomic factors including government monetary and trade policies, such as tariffs and expiration of tax credits along with currency fluctuations and general political conditions. Other risks and uncertainties that arise from time to time and are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also presented certain adjusted financial measures in this news release. Adjusted financial measures exclude special charges consisting of restructuring costs primarily associated with the 80/20 simplification initiative and portfolio management actions, acquisition-related items, and other reclassifications including the impact of recent tax reform. These adjustments are shown in the reconciliation of adjusted financial measures excluding special charges provided in the supplemental financial schedules that accompany this news release. The Company believes that the presentation of results excluding special charges provides meaningful supplemental data to investors, as well as management, that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies. Special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. These adjusted measures should not be viewed as a substitute for the Company’s GAAP results, and may be different than adjusted measures used by other companies.

Next Earnings Announcement

Gibraltar expects to release its financial results for the three-month period ending March 31, 2018, on Friday, May 4, 2018, and hold its earnings conference call later that morning, starting at 9:00 a.m. ET.

 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

 
    Three Months Ended
December 31,
  Twelve Months Ended
December 31,
2017   2016 2017   2016
Net sales $ 258,112 $ 231,838 $ 986,918 $ 1,007,981
Cost of sales 201,383   177,956   750,374   763,219  
Gross profit 56,729 53,882 236,544 244,762
Selling, general, and administrative expense 34,135 43,078 143,448 161,099
Intangible asset impairment 47   10,175   247   10,175  
Income from operations 22,547 629 92,849 73,488
Interest expense 3,420 3,595 14,032 14,577
Other expense 98   609   909   8,928  
Income (loss) before taxes 19,029 (3,575 ) 77,908 49,983
(Benefit of) provision for income taxes (6,147 ) 4,133   14,943   16,264  
Income (loss) from continuing operations 25,176 (7,708 ) 62,965 33,719
Discontinued operations:
Loss before taxes (70 ) (644 ) (70 )
Benefit of income taxes   (26 ) (239 ) (26 )
Loss from discontinued operations   (44 ) (405 ) (44 )
Net Income (loss) $ 25,176   $ (7,752 ) $ 62,560   $ 33,675  
Net earnings per share – Basic:
Income (loss) from continuing operations $ 0.79 $ (0.24 ) $ 1.98 $ 1.07
Loss from discontinued operations     (0.01 )  
Net income (loss) $ 0.79   $ (0.24 ) $ 1.97   $ 1.07  
Weighted average shares outstanding – Basic 31,771   31,648   31,701   31,536  
Net earnings per share – Diluted:
Income (loss) from continuing operations $ 0.78 $ (0.24 ) $ 1.95 $ 1.05
Loss from discontinued operations     (0.01 )  
Net income (loss) $ 0.78   $ (0.24 ) $ 1.94   $ 1.05  
Weighted average shares outstanding – Diluted 32,420   31,648   32,250   32,069  
 
 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

     
December 31,
2017
December 31,
2016
Assets
Current assets:
Cash and cash equivalents $ 222,280 $ 170,177
Accounts receivable, net 145,385 124,072
Inventories 86,372 89,612
Other current assets 8,727   7,336  
Total current assets 462,764 391,197
Property, plant, and equipment, net 97,098 108,304
Goodwill 321,074 304,032
Acquired intangibles 105,768 110,790
Other assets 4,681   3,922  
$ 991,385   $ 918,245  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 82,387 $ 69,944
Accrued expenses 75,467 70,392
Billings in excess of cost 12,779 11,352
Current maturities of long-term debt 400   400  
Total current liabilities 171,033   152,088  
Long-term debt 209,621 209,237
Deferred income taxes 31,237 38,002
Other non-current liabilities 47,775 58,038
Shareholders’ equity:
Preferred stock, $0.01 par value; authorized 10,000 shares; none outstanding
Common stock, $0.01 par value; authorized 50,000 shares; 32,332 and 32,085 shares outstanding in 2017 and 2016 323 320
Additional paid-in capital 271,957 264,418
Retained earnings 274,562 211,748
Accumulated other comprehensive loss (4,366 ) (7,721 )
Cost of 615 and 530 common shares held in treasury in 2017 and 2016 (10,757 ) (7,885 )
Total shareholders’ equity 531,719   460,880  
$ 991,385   $ 918,245  
 
 

GIBRALTAR INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 
    Twelve Months Ended
December 31,
2017   2016
Cash Flows from Operating Activities
Net income $ 62,560 $ 33,675
Loss from discontinued operations (405 ) (44 )
Income from continuing operations 62,965 33,719
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 21,690 24,114
Intangible asset impairment 247 10,175
Loss on sale of business 8,763
Stock compensation expense 7,122 6,373
Net gain on sale of assets (123 ) (42 )
Exit activity (recoveries) costs, non-cash (1,877 ) 7,530
Benefit of deferred income taxes (7,105 ) (4,893 )
Other, net 2,118 1,934
Changes in operating assets and liabilities (excluding the effects of acquisitions):
Accounts receivable (21,806 ) 37,828
Inventories 870 11,782
Other current assets and other assets (2,629 ) 2,511
Accounts payable 11,332 (17,060 )
Accrued expenses and other non-current liabilities (2,734 ) 1,253  
Net cash provided by operating activities 70,070   123,987  
Cash Flows from Investing Activities
Purchases of property, plant, and equipment (11,399 ) (10,779 )
Acquisitions, net of cash acquired (18,494 ) (23,412 )
Net proceeds from sale of property and equipment 13,096 953
Net proceeds from sale of business 8,250
Other, net   1,118  
Net cash used in investing activities (16,797 ) (23,870 )
Cash Flows from Financing Activities
Long-term debt payments (400 ) (400 )
Payment of debt issuance costs (54 )
Purchase of treasury stock at market prices (2,872 ) (1,539 )
Net proceeds from issuance of common stock 674   3,341  
Net cash (used in) provided by financing activities (2,598 ) 1,348  
Effect of exchange rate changes on cash 1,428   (146 )
Net increase in cash and cash equivalents 52,103 101,319
Cash and cash equivalents at beginning of year 170,177   68,858  
Cash and cash equivalents at end of year $ 222,280   $ 170,177  
 
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

 
    Three Months Ended
December 31, 2017

As
Reported
In GAAP
Statements

 

Restructuring &
Acquisition
Related Items

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 105,299 $ $ $ $ $ 105,299
Industrial & Infrastructure Products 49,405 49,405
Less Inter-Segment Sales (253 )         (253 )
49,152           49,152  
Renewable Energy & Conservation 103,661           103,661  
Consolidated sales 258,112 258,112
 
Income from operations
Residential Products 14,909 150 15,059
Industrial & Infrastructure Products 2,245 64 (195 ) 2,114
Renewable Energy & Conservation 11,837   621     (2 )   12,456  
Segment income 28,991 835 (197 ) 29,629
Unallocated corporate expense (6,444 ) 82   535       (5,827 )
Consolidated income from operations 22,547 917 535 (197 ) 23,802
 
Interest expense 3,420 3,420
Other expense 98           98  
Income before income taxes 19,029 917 535 (197 ) 20,284
(Benefit of) provision for income taxes (6,147 ) 305   203   150   12,535   7,046  
Income from continuing operations $ 25,176   $ 612   $ 332   $ (347 ) $ (12,535 ) $ 13,238  
Income from continuing operations per share – diluted $ 0.78   $ 0.02   $ 0.01   $ (0.01 ) $ (0.39 ) $ 0.41  
 
Operating margin
Residential Products 14.2 % 0.1 %

%

%

% 14.3 %
Industrial & Infrastructure Products 4.6 % 0.1 % % (0.4 )% % 4.3 %
Renewable Energy & Conservation 11.4 % 0.6 % % % % 12.0 %
Segments Margin 11.2 % 0.3 % % (0.1 )% % 11.5 %
Consolidated 8.7 % 0.3 % 0.2 % (0.1 )% % 9.2 %
 
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

   
Three Months Ended
December 31, 2016

As
Reported
In GAAP
Statements

 

Acquisition
Related
Items

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 92,869 $ $ $ $ $ 92,869
Industrial & Infrastructure Products 61,923 61,923
Less Inter-Segment Sales (331 )         (331 )
61,592           61,592  
Renewable Energy & Conservation 77,377           77,377  
Consolidated sales 231,838 231,838
 
Income from operations
Residential Products 12,878 677 252 13,807
Industrial & Infrastructure Products (10,123 ) 606 11,425 1,908
Renewable Energy & Conservation 8,245   981   914     3,670   13,810  
Segment income 11,000 981 2,197 252 15,095 29,525
Unallocated corporate expense (10,371 ) 197     743   58   (9,373 )
Consolidated income from operations 629 1,178 2,197 995 15,153 20,152
 
Interest expense 3,595 3,595
Other expense 609           609  
(Loss) income before income taxes (3,575 ) 1,178 2,197 995 15,153 15,948
Provision for income taxes 4,133   587   1,093   496   133   6,442  
(Loss) income from continuing operations $ (7,708 ) $ 591   $ 1,104   $ 499   $ 15,020   $ 9,506  
(Loss) income from continuing operations per share – diluted $ (0.24 ) $ 0.02   $ 0.03   $ 0.02   $ 0.47   $ 0.30  
 
Operating margin
Residential Products 13.9 % % 0.7 % 0.3 % % 14.9 %
Industrial & Infrastructure Products (16.4 )% % 1.0 % % 18.5 % 3.1 %
Renewable Energy & Conservation 10.7 % 1.3 % 1.2 % % 4.7 % 17.8 %
Segments Margin 4.7 % 0.4 % 1.0 % 0.1 % 6.5 % 12.7 %
Consolidated 0.3 % 0.5 % 1.0 % 0.4 % 6.5 % 8.7 %
 
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

 
    Twelve Months Ended
December 31, 2017

As
Reported
In GAAP
Statements

 

Restructuring &
Acquisition
Related Items

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Tax
Reform

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 466,603 $ $ $ $ $ 466,603
Industrial & Infrastructure Products 215,211 215,211
Less Inter-Segment Sales (1,247 )         (1,247 )
213,964           213,964  
Renewable Energy & Conservation 306,351           306,351  
Consolidated sales 986,918 986,918
 
Income from operations
Residential Products 76,893 1,403 78,296
Industrial & Infrastructure Products 8,159 49 260 287 8,755
Renewable Energy & Conservation 30,218   1,155   252   2,340     33,965  
Segment income 115,270 2,607 512 2,627 121,016
Unallocated corporate expense (22,421 ) 407   193       (21,821 )
Consolidated income from operations 92,849 3,014 705 2,627 99,195
 
Interest expense 14,032 14,032
Other expense 909           909  
Income before income taxes 77,908 3,014 705 2,627 84,254
Provision for income taxes 14,943   1,118   272   80   12,535   28,948  
Income from continuing operations $ 62,965   $ 1,896   $ 433   $ 2,547   $ (12,535 ) $ 55,306  
Income from continuing operations per share – diluted $ 1.95   $ 0.06   $ 0.01   $ 0.08   $ (0.39 ) $ 1.71  
 
Operating margin
Residential Products 16.5 % 0.3 % % % % 16.8 %
Industrial & Infrastructure Products 3.8 % % 0.1 % 0.1 % % 4.1 %
Renewable Energy & Conservation 9.9 % 0.4 % 0.1 % 0.8 % % 11.1 %
Segments Margin 11.7 % 0.2 % 0.1 % 0.3 % % 12.3 %
Consolidated 9.4 % 0.3 % 0.1 % 0.3 % % 10.1 %
 
 

GIBRALTAR INDUSTRIES, INC.
Reconciliation of Adjusted Financial Measures
(in thousands, except per share data)
(Unaudited)

   

Twelve Months Ended
December 31, 2016

As
Reported
In GAAP
Statements

 

Acquisition
Related
Items

 

Restructuring
Charges

 

Senior
Leadership
Transition
Costs

 

Portfolio
Management

 

Adjusted
Financial
Measures

Net Sales
Residential Products $ 430,938 $ $ $ $ $ 430,938
Industrial & Infrastructure Products 296,513 296,513
Less Inter-Segment Sales (1,495 )         (1,495 )
295,018           295,018  
Renewable Energy & Conservation 282,025           282,025  
Consolidated sales 1,007,981 1,007,981
 
Income from operations
Residential Products 65,241 2,533 504 68,278
Industrial & Infrastructure Products 1,306 2,401 14,346 18,053
Renewable Energy & Conservation 43,214   981   914     3,670   48,779  
Segment income 109,761 981 5,848 504 18,016 135,110
Unallocated corporate expense (36,273 ) 228     2,197   58   (33,790 )
Consolidated income from operations 73,488 1,209 5,848 2,701 18,074 101,320
 
Interest expense 14,577 14,577
Other expense 8,928         (8,763 ) 165  
Income before income taxes 49,983 1,209 5,848 2,701 26,837 86,578
Provision for income taxes 16,264   497   2,406   1,111   12,659   32,937  
Income from continuing operations $ 33,719   $ 712   $ 3,442   $ 1,590   $ 14,178   $ 53,641  
Income from continuing operations per share – diluted $ 1.05   $ 0.02   $ 0.11   $ 0.05   $ 0.44   $ 1.67  
 
Operating margin
Residential Products 15.1 % % 0.6 % 0.1 % % 15.8 %
Industrial & Infrastructure Products 0.4 % % 0.8 % % 4.9 % 6.1 %
Renewable Energy & Conservation 15.3 % 0.3 % 0.3 % % 1.3 % 17.3 %
Segments Margin 10.9 % 0.1 % 0.6 % 0.1 % 1.8 % 13.4 %
Consolidated 7.3 % 0.1 % 0.6 % 0.3 % 1.8 % 10.0 %
 

Source: Gibraltar Industries, Inc.

Gibraltar Industries, Inc.
Timothy Murphy, 716-826-6500 ext. 3277
Chief Financial Officer
tfmurphy@gibraltar1.com